The value of a typical Burnaby single-family home hit $2 million this year, according to the latest assessment figures.
The typical assessed value for a local single-family home as of July 1, 2024 was about $2.04 million, a four per cent increase, according to BC Assessment.
The typical strata residential home (such as a condo or townhouse) came in at $732,000, a flat zero per cent change.
It’s the second year in a row the B.C. housing market has “generally stabilized in value,” according to BC Assessment assessor Bryan Murao in a press release.
“Most homeowners can expect only modest assessment changes in the range of -5 per cent to +5 per cent,” he said.
Murao noted changes in property assessment “do not automatically translate into a corresponding change in property taxes.”
“As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
BC Assessment provided a chart on what kind of property tax impact residents can expect.
Residents can now check their assessments online at BC Assessment’s website.
Murao said property owners can also find answers to assessment-related questions on the website.
“Those who feel that their property assessment does not reflect market value as of July 1, 2024 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.”
